Key questions and answers from the first quarter earnings call conducted by Exxon Mobil Corp. (XOM: chart) on May 01, 2008.

Douglas Terreson (Morgan Stanley): Comment on whether in U.S. refining and marketing, specifically Shell, whether the economic effect of the switch, away from Venezuelan and feedstock was significant in the period?

Henry Hubble: It was not a major factor in the results. The primary issue associated with the margins are across the Board, if you look around the globe.

Mark Flannery (Credit Suisse): What is happening with units production costs and unit DD&A in international E&P?

Henry Hubble: You are going to have non-cash impacts associated with new projects that we are bringing on, and you are seeing those continuing impacts as we are basically spending CapEx to bring on those new projects.

We have a consistent program of working to offset those things and when we look across the Board around the globe, we are well able to offset the normal inflation effects.

Mark Flannery (Credit Suisse): On the European refinery run rate, how would you characterize your maintenance activities there?

Henry Hubble: In the throughput area, the biggest impact in Europe was the Englestock refinery sale, that we had in the period that took out over 90 a day of capacity.

Mark Flannery (Credit Suisse): On US refining, are you faring any downstream capacity right now, particularly think about SGCS or other gasoline units?

Henry Hubble: All of our conversion capacity has been running full, and we did have some turnaround activity in parallel basically doing essential maintenance that we have to do and we tend to be a little in the outside of the gasoline season, we tend to take more of those turnarounds.

Neil McMahon (Bernstein): Comment on the increase in exploration expense?

Henry Hubble: The increased costs have been associated with seismic activity. When you look at the number of places that we have acquired acreage positions and we are now out basically shooting seismic to evaluate those in both Libya and New Zealand and others.

The way we utilize it helps to de-risk these plays, but whenever you are dealing with a wildcat exploration well, you are going to have still have, even with R3M significant risk associated with those.

Neil McMahon (Bernstein): Are you still planning Madagascar and Southern Basin off shore in New Zealand?

Henry Hubble: We continue to utilize the R3M as part of our data collection efforts in these new areas, because we do think it is delivering value in our ability to assess the prospects.

Michael LaMotte (J.P. Morgan): Is it geology or end market or both that pushes you into an area like Hungary?

Henry Hubble: All of the above.

Michael LaMotte (J.P. Morgan): Is there anything in particular in the resource that would lead you to build such a big position, almost 600,000 acres?

Henry Hubble: We are basically being able to take advantage of our global understanding of these potential basins and to get in there early and work with the folks and being able to evaluate these prospects.

Arjun Murti (Goldman Sachs): Any update on the timing of some of the Qatar LNG products that are scheduled to start up this year?